Argo Blockchain saw its May mining revenue rise despite the halving

posted about 1 month ago
Argo reported higher cryptocurrency mining revenues in May, despite a reduction in the number of digital currency mined, as a result of the Bitcoin ‘halving’ event. The company reported its May mining revenue at £1.93mln, up from £1.8mln in April, while the number of Bitcoin and Bitcoin equivalent mined fell to 252 from 319, which Argo said was largely a result of the price fall.

At the end of May, Argo said it held 117 Bitcoin equivalents, following its asset management strategy, while its total mining capacity stood at 18,000 machines. Argo chief executive Peter Wall said “We believe Argo remains one of the most efficient publicly-traded cryptocurrency miners. This week will see another BTC mining difficulty adjustment and we expect a further drop of between 4-6% in difficulty based on current hashrate and projections. This change is expected to result in improvements to our overall mining margins.”
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